Small businesses are facing tough times.
With this comes the struggle, for business owners, of trying to weather the current financial storm. We’ve compiled a neat little list of a few, super simple money saving tips for small businesses, that, while may not be ground-breaking in terms of financial savings, when implemented, might just save your business a few much needed pennies.
1- Think before you buy
It’s far too easy lose track of all the small purchases. At the time, it may seem like a great idea, something that’s going to save you time or a few headaches. However, in reality, it doesn’t end up delivering many benefits to your business and comes to inhabit a ‘miscellaneous’ drawer, or just takes up space on your computer. Avoid this by simply considering the actual usefulness of an item before purchasing.
2- Stay on top of your accounts, so you don’t miss tax deductions
This is possibly the most important item on this list. When your accounts are disorganised, it becomes far to easy to overlook certain tax deductions. If this is something that fills you with dread just thinking about, consider outsourcing your bookkeeping to people who know exactly what their doing and can take that immense weight off your shoulders. Those people being us, of course.
3- Go Paperless (or just less paper)
I mean, it just makes sense. We are in the digital age, which means paper just isn’t necessary anymore. Or at least, not in the volume it once was. It also makes organisation far easier and gets brownie points from the environment.
4- Digital Advertising
Leading on from the last point. When it comes to marketing, print is out, digital is in. While traditional marketing still has its place, digital marketing is not only cheaper but also way easier to get your business in front of a much larger audience. Welcome to the modern world.
5- Cancel Unnecessary Subscriptions
Analyse your monthly expenses, and the benefits they are actually providing. That subscription you signed up for that, promised to make your life easier, has it delivered yet? Are you really using it enough to justify it? If yes, great! If not, time to say goodbye.
Time is money. Don’t waste it trying to figure out how to do something, to a mediocre level Instead, pay someone who knows what they are doing, to get it done right. Yes, you are technically spending money, but you are saving yourself money, in hours in the long run.
7- Make use of Digital Meetings
Another simple money saving tip is to take advantage of zoom, teams or other video conferencing software for meetings. You may not have even considered it before, but it reduces on time and space requirements for meetings saving you even just little bit of money.
8- Keep Energy Costs Down
This one is incredibly important, especially now with the increasing costs of energy. Rule of thumb is, if it’s not in use, just turn it off. Lights on in an empty room are burning energy, and a hole in your pocket. Especially if they are not energy efficient LED Lights.
When it comes down to it, these money saving tips, on their own, may not make a massive difference to your accounts. They may only be a drop in the bucket rather than a hole in it but if you take care of the pennies, the pounds will take care of themselves. Implementing a few of these money saving tips, could lead your business finances to healthier position, and it won’t cost you a penny. You haven’t really got anything to lose here.
We are Momentum Bookkeeping and our goal is to make running your business easier. Whether it’s getting paid by your customers on time, completing your VAT returns or processing payroll; the demands on businesses can seem endless.
Let us handle your bookkeeping needs so that you can focus on running your business and gain some real momentum.
Call or email us and lets start to build some momentum in your business.